Indian equities finished the trading day higher on Tuesday as gains in banking, real estate and auto stocks supported the broader market.
At the close on the National Stock Exchange, the Nifty 50 was up 0.52%. The BSE Sensex 30 likewise rose, adding 0.54% by the end of the session.
On the Nifty 50, the session’s strongest performer was IndusInd Bank Ltd. (INBK), which advanced 3.35% - a move equal to 29.95 points - to finish at 925.00. Jio Financial Services Ltd (JIOF) gained 2.33% or 5.34 points to close at 234.20, and State Bank Of India (SBI) rose 2.25% or 22.05 points to end the day at 1,004.00 in late trade.
At the other end of the Nifty 50, Titan Company Ltd (TITN) declined 2.20% - slipping 92.40 points to finish at 4,100.00. Oil And Natural Gas Corporation Ltd (ONGC) gave up 1.87% or 4.95 points to close at 259.70, while NTPC Ltd (NTPC) fell 1.82% or 6.60 points to settle at 355.80.
Turning to the BSE Sensex 30, IndusInd Bank Ltd. (INBK) was among the top gainers there as well, rising 3.25% to reach 924.00. State Bank Of India (SBI) added 2.27% to settle at 1,004.20, and ICICI Bank Ltd (ICBK) climbed 1.99% to close at 1,274.90.
The weakest names on the Sensex included Titan Company Ltd (TITN), which fell 2.14% to 4,101.70 late in the session. NTPC Ltd (NTPC) lost 1.82% to finish at 356.15, and Power Grid Corporation of India Ltd (PGRD) slipped 1.67% to close at 285.60.
Market breadth favored advancers. On the NSE, rising stocks outnumbered decliners by 1,822 to 689, while 53 issues ended unchanged. On the BSE, 2,597 shares gained, 1,357 fell and 176 closed flat.
Implied volatility, as measured by the India VIX, moved lower, falling 8.44% to 15.59 by the end of the session.
Commodities and currency moves accompanied the session’s price action. Gold futures for August delivery were down 0.15% or 6.60 to $4,356.80 a troy ounce. In energy markets, crude oil for July delivery fell 2.18% or 1.99 to $89.31 a barrel, and the August Brent contract declined 1.73% or 1.63 to trade at $92.62 a barrel.
On the currency front, the USD/INR pair moved lower, falling 0.48% to 95.24, while EUR/INR slipped 0.08% to 110.29. The US Dollar Index Futures was down 0.27% at 99.76.
For investors considering individual names, the question was posed whether ICICI Bank (ICBK) represents value today. One available tool referenced in the trading community is a Fair Value calculator that aggregates multiple valuation models to arrive at an assessment; such tools are used by some market participants when screening stocks for potential undervaluation.
Market snapshot
- Nifty 50 - up 0.52% at the close
- BSE Sensex 30 - up 0.54% at the close
- India VIX - down 8.44% to 15.59
- Gold (August futures) - down 0.15% to $4,356.80 per troy ounce
- Crude (July) - down 2.18% to $89.31 per barrel; Brent (August) - down 1.73% to $92.62
- USD/INR - 95.24; EUR/INR - 110.29